Alfa Romeo uses NFTs to record vehicle data via blockchain

NFTNFT – Non fungible token – is a crypto currency which shows a picture of a unique item in a blockchain. More stands for Non-Fungible Token. It is a digital certificate that refers to a mostly virtual, specific object. In addition to their use as digital collectibles, tokens are now increasingly being used in economic processes. These certificates are entered on a worldwide data list, the blockchain. In other words: NFTs are forgery-proof, digital certificate.

Alfa
With the owner’s consent, the NFTNFT – Non fungible token – is a crypto currency which shows a picture of a unique item in a blockchain. More records important vehicle data (e.g. maintenance data). By using blockchain technology, vehicle data can be recorded in a trustworthy manner. The storage is transparent and a retroactive change of the data is impossible. The vehicle creates an NFTNFT – Non fungible token – is a crypto currency which shows a picture of a unique item in a blockchain. More certificate, which provides more credibility e.g. on the used car market. The owner of the vehicle can thus guarantee the accuracy of the information. Dealers and potential buyers have access (?) to all the services performed on the car and can thus better assess its condition.This documentation will have a positive effect on the residual value, among other things. Until now, car manufacturers have mostly relied on third-party providers for such processes. However, this represents a potential security gap, as the companies themselves often have no direct influence on the process. This NFTNFT – Non fungible token – is a crypto currency which shows a picture of a unique item in a blockchain. More development is trend-setting for the entire automotive industry.

Daimler
has developed another application with mobiCOIN, its own cryptocurrency, which is also based on blockchain technology. Mercedes drivers are rewarded for environmentally friendly driving with the digital coins, which they can then exchange for various rewards. The project is currently in the test phase with 500 volunteers.

How NFTs work

A Non-Fungible Token (NFT) is a “cryptographically unique, indivisible, irreplaceable and verifiable token that represents a specific object, whether digital or physical, in a blockchain”.

The “NFT” label is based on the idea of blocks of information arranged as a blockchain. Each block is equipped with data about its own block as well as the block before it, with the value of an object being equivalent to a digital fingerprint. The uniqueness of the so-called “hash value” can be used to identify each block.

In principle, “NFT” can be almost anything, from digital artworks to game items, trading cards and music, or the aforementioned meme. What is important about an “NFT” is the exclusivity that one buys. In principle, you buy an exclusive entry on the respective blockchain that is linked to the product.

• Wikipedia
• blockchainworld